Banking (Foreign Exchange) Regulations 1959 - Variation of Exemption (sub-regulation 6(1)) - Libya (04/03/2011)

Administered by Department of the Treasury

Legislation au F2011L00392 Not in force Legislative Instrument

Legislation content

 

Banking (Foreign Exchange) Regulations 1959 – Variation of Exemption
(subregulation 6(1)) (04/03/2011)

as amended

made under subregulation 38 (2) of the

Banking (Foreign Exchange) Regulations 1959

This compilation was prepared on 19 October 2011
taking into account amendments up to Direction relating to foreign currency transactions and to Libya – Amendment to the Annex and Variation of Exemptions – Amendment to the Annexes (13/10/2011)

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra

Banking (Foreign Exchange) Regulations 1959

Variation of Exemption (subregulation 6(1)) (04/03/2011)

 

The Reserve Bank of Australia, pursuant to sub-regulation 38(2) of the Banking (Foreign Exchange) Regulations 1959, hereby varies the Exemption dated 29 June 1990 relating to sub-regulation 6(1) of the Regulations so that the Exemption does not apply to the taking or sending out of Australia by a person of any Australian currency derived or generated from property, securities or funds owned or controlled directly or indirectly by, or otherwise relating to payments directly or indirectly to, or for the benefit of any person listed in the Annex to this variation of exemption.

 

The Annex to this variation of exemption may be amended from time to time. Any such amendment shall be taken as being part of this variation of exemption as from the date specified in the amendment.

 

This instrument comes into operation on 9 March 2011.

 

Dated at Sydney this 4th day of March 2011.

 

 

 

Annex

 

PERSON/ENTITY

DESCRIPTION

 

Al-Baghdadi, Dr Abdulqader Mohammed

Passport number: B010574. Date of birth: 01/07/1950. Head of the Liaison Office of the Revolutionary Committees. Revolutionary Committees involved in violence against demonstrators.

 

Dibri, Abdulqader Yusef

Date of birth: 1946. Place of birth: Houn, Libya. Head of Muammar Qadhafi’s personal security. Responsibility for regime security. History of directing violence against dissidents.

 

Dorda, Abu Zayd Umar

Director, External Security Organisation. Regime loyalist. Head of external intelligence agency.

 

Jabir, Major General Abu Bakr Yunis

Date of birth: 1952. Place of birth: Jalo, Libya. Defence Minister. Overall responsibility for actions of armed forces.

 

Matuq, Matuq Mohammed

Date of birth: 1956. Place of birth: Khoms. Secretary for Utilities. Senior member of regime. Involvement with Revolutionary Committees. Past history of involvement in suppression of dissent and violence.

 

Qadhaf Al-dam, Sayyid Mohammed

Date of birth: 1948. Place of birth: Sirte, Libya. Cousin of Muammar Qadhafi. In the 1980s, Sayyid was involved in the dissident assassination campaign and allegedly responsible for several deaths in Europe. He is also thought to have been involved in arms procurement.

 

Qadhafi, Mohammed Muammar

Date of birth: 1970. Place of birth: Tripoli, Libya. Son of Muammar Qadhafi. Closeness of association with regime.

 

Qadhafi, Saadi

Passport number: 014797. Date of birth: 25/05/1973. Place of birth: Tripoli, Libya. Commander Special Forces. Son of Muammar Qadhafi. Closeness of association with regime. Command of military units involved in repression of demonstrations.

 

Qadhafi, Saif al-Arab

Date of birth: 1982. Place of birth: Tripoli, Libya. Son of Muammar Qadhafi. Closeness of association with regime.

 

Al-Senussi, Colonel Abdullah

Date of birth: 1949. Place of birth: Sudan. Director Military Intelligence. Military Intelligence involvement in suppression of demonstrations. Past history includes suspicion of involvement in Abu Selim prison massacre. Convicted in absentia for bombing of UTA flight. Brother-in-law of Muammar Qadhafi.

 

Abdulhafiz, Colonel Mas’ud

Armed Forces Commander. Third in command of Armed Forces. Significant role in Military Intelligence.

 

Abdussalam, Abdussalam Mohammed

 

Date of birth: c1952. Place of birth: Tripoli, Libya. Head of Counter-Terrorism, External Security Organisation. Prominent Revolutionary Committee member. Close associate of Muammar Qadhafi.

 

Abu, Shaariya

Deputy Head, External Security Organisation. Prominent member of regime. Brother-in-law of Muammar Qadhafi.

 

Ashkal, Al-Barrani

Deputy Director, Military Intelligence. Senior member of regime.

 

Ashkal, Omar

 

Place of birth: Sirte, Libya. Head, Revolutionary Committees Movement. Revolutionary Committees involved in violence against demonstrators.

 

Qadhaf Al-Dam, Ahmed Mohammed

 

Date of birth: 1952. Place of birth: Egypt. Cousin of Muammar Qadhafi. Since 1995, he is believed to have had command of an elite army battalion in charge of Qadhafi’s personal security and to have a key role in External Security Organisation. He has been involved in planning operations against Libyan dissidents abroad and was directly involved in terrorist activity.

 

Al Kuni, Colonel Amid Husain

 

Governor of Ghat (South Libya).

Al Qadhafi, Quren Salih Quren

 

Libyan Ambassador to Chad.

Al-Barrasi, Safia Farkash

Wife of Muammar Qadhafi.

 

Al-Charif, Ibrahim Zarroug

 

Minister for Social Affairs in Colonel Gaddafi’s Government.

 

Al-Gaoud, Abdelmajid

 

Minister for Agriculture, Animal and Maritime Resources in Colonel Gaddafi’s Government.

 

Al-Mahmoudi, Baghdadi

 

Prime Minister of Colonel Gaddafi’s Government.

 

El-Kassim Zouai, Mohamed Abou

 

Secretary General of the General People’s Congress.

 

Fakhiri, Abdelkebir Mohamad

 

Minister for Education, Higher Education and Research in Colonel Gaddafi’s Government.

 

Farkash, Mohammed Boucharaya

Director of intelligence in External Security Office.

 

Ghanem, Shukri Muhammad

 

Oil Minister and Chairman of the National Oil Company.

 

Hijazi, Mohamad Mahmoud

 

Minister for Health and Environment in Colonel Gaddafi’s Government.

 

Houej, Mohamad Ali

 

Minister for Industry, Economy and Trade in Colonel Gaddafi’s Government.

 

Mansour, Abdallah

 

Senior role in security services and former Director of Radio and Television.

 

Saleh, Bachir

Head of Cabinet of the Leader.

 

Tohami, General Khaled

Director of Internal Security Office.

 

Zarti, Mustafa

Vice chief executive of Libyan Investment Authority, board member of National Oil Corporation, head of Tamoil and vice chairman of First Energy Bank in Bahrain.

 

Zidane, Mohamad Ali

 

Minister for Transport in Colonel Gaddafi’s Government.

 

Zlitni, Abdelhaziz

 

Minister for Planning and Finance in Colonel Gaddafi’s Government.

 

Al-Inma Holding Company for Construction and Real Estate Developments

 

 

Al-Inma Holding Company For Industrial Investments

 

 

Al-Inma Holding Company for Services

Investments

 

 

Al-Inma Holding Company for Tourism Investment

 

 

 

Hasan al-Mashay Street (off al-Zawiyah Street)

Tel No.: (218) 213345187

Fax: +218.21.334.5188

e-mail: info@ethic.ly

Gaddafi International Charity and Development Foundation

 

P.O. Box 1101; Hay Alandalus, Jian St, Tripoli, Libya.

 

 

Libyan Arab African Investment Company (LAAICO)

 

76351 Janzour, Libya; 81370 Tripoli, Libya.

 

Libyan Holding Company for Development and Investment

 

 

Libyan Housing and Infrastructure Board

 

Tajora, Tripoli, Libya

Legislation number 60/2006 by Libyan General People’s Committee.

 

Libyan Jamahirya Broadcasting Corporation

 

Libya.

 

Revolutionary Guard Corps

 

 

Waatassimou Foundation

 

Tripoli.

 

Zuietina Oil Company (a.k.a. ZOC; a.k.a. Zueitina)

 

Zueitina Oil Building, Sidi Issa Street, Al Dahra Area,

P.O. Box 2134, Tripoli, Libya.

Juwadi, Colonel Taher

Fourth in Revolutionary Guard chain of command.

 

 

Notes to the Variation of Exemption (subregulation 6(1)) (04/03/2011)

Note 1

The Variation of Exemption (subregulation 6(1)) (04/03/2011) (in force under regulation 38(2) of the Banking (Foreign Exchange) Regulations 1959) as shown in this compilation is amended as indicated in the Tables below.

Table of Instruments

Title

Date of FRLI registration/
notification in
Gazette

Date of
commencement

Application, saving or
transitional provisions

Variation of Exemption
(subregulation 6(1)) – Libya (04/03/2011)

8 Mar 2011 (see F2011L00392)

9 Mar 2011 (see Gazette 2011,
No. S35)

9 Mar 2011

 

Direction relating to foreign currency  transactions and to Libya – Amendment to the Annex and Variation of Exemptions – Amendment to the Annexes (16/06/2011)

21 June 2011 (see F2011L01111)

22 June 2011 (see Gazette 2011, No. GN24)

22 June 2011

—

Direction relating to foreign currency  transactions and to Libya – Amendment to the Annex and Variation of Exemptions – Amendment to the Annexes (28/07/2011)

2 Aug 2011 (see F2011L01588)

3 Aug 2011 (see Gazette 2011, No. GN30)

3 Aug 2011

—

Direction relating to foreign currency  transactions and to Libya – Amendment to the Annex and Variation of Exemptions – Amendment to the Annexes (13/10/2011)

18 Oct 2011 (see F2011L02083)

19 Oct 2011 (see Gazette 2011, No. GN41)

19 Oct 2011

—

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted

Provision affected

How affected

Annex.......................

rs. F2011L01111; F2011L01588; F2011L02083

 

 

Overview

The Banking (Foreign Exchange) Regulations 1959 were enacted by the Parliament of Australia to regulate foreign exchange transactions and ensure compliance with international sanctions and economic measures. This particular legislative instrument, F2011L00392, was introduced to address the need to enforce sanctions against specific Libyan individuals and entities associated with the Muammar Qadhafi regime. The policy objective is to prohibit transactions involving Australian currency that benefit those involved in the Libyan government’s violent suppression of dissent and other activities that threaten international peace and security. The Reserve Bank of Australia, acting under the authority granted by sub-regulation 38(2) of the Banking (Foreign Exchange) Regulations 1959, varied the exemption to prevent the transfer of Australian currency to the listed individuals and entities, thereby implementing the sanctions more effectively.

Scope and Application

The Banking (Foreign Exchange) Regulations 1959, as varied by the Variation of Exemption (subregulation 6(1)) (04/03/2011), apply to any person taking or sending out of Australia any Australian currency derived or generated from property, securities, or funds owned or controlled by, or relating to, individuals or entities listed in the Annex of the legislative instrument. This includes persons and entities connected to the former Libyan regime, identified by name, position, and sometimes additional identifying details such as passport numbers and dates of birth. The scope of this legislation is national, as it pertains to transactions conducted within Australia and its currency. The application is extensive, covering both natural persons and corporate entities that may have ties to the listed individuals or entities. The instrument was designed to implement sanctions against the former Libyan regime by restricting financial transactions that could benefit those involved in the regime's operations. The legislation extends its reach through amendments to the Annex, which can be updated to reflect changes in the situation or to include additional individuals or entities as necessary. These amendments come into force on specified dates, ensuring the legislation remains responsive to evolving circumstances.

Key Provisions

The Banking (Foreign Exchange) Regulations 1959 (the "Regulations") govern foreign exchange transactions in Australia, and section 6(1) of these Regulations outlines specific exemptions from these controls. Under subregulation 6(1), the Regulation varied on 4 March 2011 removes an exemption related to Australian currency derived from property, securities, or funds owned or controlled by, or otherwise relating to, certain individuals or entities listed in the annexed schedule. The purpose of this variation is to prevent the movement of Australian currency to individuals and entities associated with the Libyan regime, as specified in the annex. This amendment came into effect on 9 March 2011. The Regulations impose a range of obligations on financial institutions and individuals engaged in foreign exchange transactions. Financial institutions must ensure that any transactions involving the specified individuals and entities are subject to the requirements of the Regulations. This includes verifying that any Australian currency derived from property, securities, or funds related to the listed individuals and entities is not taken or sent out of Australia without the necessary approval. Individuals who are subject to the restrictions must also ensure that they do not engage in any transactions that would contravene the Regulations. Failure to comply with the provisions of the Regulations may result in both civil and criminal penalties. Under section 39 of the Banking Act 1959, any person who contravenes a provision of the Regulations is liable to a civil penalty of up to 10,000 penalty units (currently AUD 1.7 million). Additionally, any person who is found guilty of an offence under the Regulations may be subject to criminal penalties, including fines of up to 50,000 penalty units (currently AUD 8.5 million) and imprisonment for up to five years. The annex to the variation of exemption may be amended from time to time, and any such amendment will be taken as being part of the variation of exemption as from the date specified in the amendment. In summary, the Banking (Foreign Exchange) Regulations 1959, as varied on 4 March 2011, impose restrictions on the movement of Australian currency derived from property, securities, or funds owned or controlled by, or otherwise relating to, certain individuals and entities associated with the Libyan regime. Financial institutions and individuals must comply with the requirements of the Regulations and may be subject to civil and criminal penalties for non-compliance.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.